Acquiring customers in the B2B world involves the use of different B2B lead generation and marketing strategies with a common objective of converting the lead into a customer. Different strategies used at different stages, when combined together, construct a healthy B2B sales funnel.
The B2B sales funnel is a visual representation of the transformation of a potential customer or lead into a customer. Frequently used by sales and marketing professionals, the B2B sales funnel has different stages to highlight the customer journey. The goal of a marketer is to get as many leads in at the top of the funnel as possible and use different techniques to convert them into a customer.
While most of the marketers have a basic understanding of the different stages of the B2B sales funnel, very few know how to optimise a B2B sales funnel. A survey conducted by MarketingSherpa identified a large majority of marketers don’t have processes or guidelines for different stages of B2B lead generation. The numbers represented in the table highlight the need for B2B sales funnel optimisation.
In this article, we are discussing 3 quick ways that a business can utilise to optimise its sales funnel and capture and convert more leads.
Identify Bottlenecks In Your Sales Funnel
Your B2B sales funnel may have bottlenecks at different stages. Analysing this data is essential to discovering where the issues are and in turn how to overcome them. It boils down to one simple question:
“What’s stopping me from increasing my sales?”
Depending on your sales funnel dynamics, you may get one or more of the following answers:
- I don’t have enough number of leads at the top of my sales funnel.
- I have high number of leads but I am unable to convert them into customers.
- I am unable to set appointments with key decision makers.
Clearing the Bottlenecks That Hinder The Sales Process
Once you have identified the root cause, you can start working on its resolution. Depending on the problem identified, you can brainstorm ideas and use the best one. For example, if you’re unable to set meetings with key decision makers, you may consider reviewing your appointment setting practices. Another way to resolve this issue is to get help from an expert appointment setting company (like The Lead Generation Company!). Or, if you’re unable to find quality leads, you may consider partnering with a lead generation company to get access to their expertise.
Evaluating the Performance Of Your B2B Sales Funnel
“What gets measured gets managed.”
One of the most overlooked aspect of sales funnel management is monitoring and evaluation of B2B sales funnel performance. In order to evaluate the effectiveness of your optimisation strategies, it is important that you determine your Key Performance Indicators (KPIs) and measure them to monitor the change in performance. Depending on your business needs, you may set and measure different KPIs, such as:
- Total number of leads/opportunities
- Ratio of leads to sales qualified leads
- Sales leads to close ratio
The Lead Generation Company
Use these three steps to identify the roadblocks and eliminate them. The Lead Generation Company can help you generate more leads, convert these into appointments and increase your conversion rates.
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To learn more about B2B lead generation and sales funnel optimisation, you may contact The Lead Generation Company at 0844 415 2500.